BofA raised the firm’s price target on Progressive (PGR) to $344 from $339 and keeps a Buy rating on the shares. July operating EPS of $1.75 came in “well ahead” of sell-side expectations and the firm’s $1.49 estimate, the analyst tells investors. The firm’s target raise reflects both an expansion in the year-ahead S&P 500 P/E multiple and its underwriting margin-normalized 2027 forecast that now stands at $16.16, up from $16.13 previously.
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